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I will be producing the main resources I will need in order to run my business. I need to cover both human (staffing), physical (premises, machinery, equipment, materials, stock, etc.) and financial resources

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Unit 2: Investigating Business Section B Rosie Introduction I will be producing the main resources I will need in order to run my business. I need to cover both human (staffing), physical (premises, machinery, equipment, materials, stock, etc.) and financial resources. I will need to analyse the availability, costs and importance of each resource to the success of your business. For example, it will be essential to have high quality (i.e. well-trained) staff, but I may have to pay higher wages to secure suitably qualified staff and/or provide training myself - which also incurs costs. I will need to consider the importance of quality within my business and the role that quality control, quality assurance and total quality management (TQM) play in the success of businesses. Human resources Communication is part of the effective management of the human resources in any business. People need to understand that their contribution is valuable and is makes such a big difference to businesses. Where people work in teams and are part of the decision making process, productivity, the quality of the output and the customer satisfaction all improve. Making sure employees' have the right skills and attributes in order to complete tasks set is important to their motivation and will mean that the job is completed to a high standard. Productivity is also an important factor in making the best use of people. ...read more.


Machinery, raw materials and component parts are needed in the manufacturing process. Computers, Printers, furniture, and other similar equipment are required to run an efficient office. Tills display units and cabinets are needed in a retail outlet. All of these physical resources need to be bought or leased. They need to be maintained and replaced when obsolete. People need to be maintained and replaced when different pieces of equipment in order that they are used to their maximum potential. Physical resources are the assets of the business. Often, the business will pay for it assets over time out of the profits the business generates. As this changes into Most assets depreciate over time as their value decreases. Depreciation is an accountancy tool used to calculate the falling value of capital assets over time. The assets of a business are an important factor in determining whether it is solvent. A business must have more assets or cash and capital than actual debts and loans. A business whose assets are less than it liabilities will not be able to trade. It is therefore important for the business to keep building its assets and reducing its debts. Here is an example of physical resource table: Item Cost and location Other Information Kitchen Aid Standing food Mixer I will need a commercial food mixer to make my cupcakes which I will sell to my customers. ...read more.


Political factors are represented by specific areas, such as labour law, tax policy, tariffs, trade restrictions and even environmental law. - Economic factors refer to areas unique to economy and directly influenced by economy or comprised by economy, areas such as inflation rate, interest rate, economic growth or exchange rates. All these areas can greatly influence a business or company, which makes them an extremely important part of the PESTLE analysis. - Social factors mainly refer to demographic factors, which comprise factors like population growth rate, cultural aspects, age distribution and health consciousness. - Technological factors refer to automation, incentives, the rate of technological change and R&D activity. These factors greatly influence other areas or aspects, including the minimum efficient production level, quality, costs and even outsourcing decisions. - Legal factors refer to all the laws directly connected to a business/company and its area of activity, including consumer law, antitrust law, discrimination law and health and safety law. - Environmental factors refer to all the factors directly related, influenced or determined by the surrounding environment. This includes, but is not limited to weather, climate, geographical position, climate change and even insurance. Environmental factors are crucial to industries such as farming or tourism and can greatly influence a company's way to operate or even the products it offers. This is usually created by using other that use ?? ?? ?? ?? Rosie Boymbo Unit 3: Investigating marketing Section D ...read more.

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